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Real estate has long been considered one of the best long-term investments, and with good reason. But before buying up properties like a game of Monopoly, investors should be aware of several factors that can make or break an investment, says Eleanor Blayney, CFP®, Certified Financial Planner Board consumer advocate.

Blayney recommends investors ensure they have enough to put money down upfront when purchasing a property, and factor recurring costs into their budgets (i.e., interest, taxes, insurance, maintenance and repairs). Real estate investors planning to act as their own property manager must consider the time, attention and availability needed for tenants, as well.

And keep in mind investing in real estate is equivalent to starting a business, says Blayney. From weighing the benefits of a rent increase to doing a cost-benefit analysis on property improvements, properties require significant amounts of strategy and management. Like any business, investors also need to consider an exit strategy.

Real estate investors should not neglect other opportunities for investment, particularly stocks. These offer the diversification most real estate investors do not have, unless they plan to acquire commercial, rental and industrial properties across a range of markets, Blayney adds.

Painting the interior of your home is the fastest and most economical way to give it a fresh, new look. But before you pick up a paintbrush, read these tips from the editors of Better Homes & Gardens:

Try out colors before painting – Slather a piece of cardboard with your chosen shade and hang it on the wall for a preview
The right brush matters – For oil-based paint, China bristle paint brushes, which leave few brush marks, are a good choice. For acrylics and high-quality latex paints, nylon paint brushes are best. Nylon-polyester blends and 100-percent-polyester brushes work with any paint.

Roller cover nap – the rougher the surface of the wall, the longer the nap needs to be.

Use the right sheen - Flats hide surface flaws but can be tough to clean, making them best in low-traffic areas. Satins are more luminous, easier to clean, and best suited for hall walls, baths, and trims. Semi-gloss paints are easy to clean and a good choice for woodwork and walls subject to wear and tear. Gloss paints do well in kitchens and baths, and on railings, cabinetry, and windowsills.

Yes, you can paint wood paneling – Use a strong household cleaner to remove dirt or wax buildup. Rinse off, then dull the paneling surface with sandpaper. Wipe it down with a damp rag, and coat the surface with stain-blocking primer. Let it dry overnight and paint with a flat, satin, or semi-gloss latex.

Buy the right amount of paint – Add the widths of the walls, then multiply that figure by the room's ceiling height and divide by 350 (the typical square footage one gallon covers). The result is roughly the number of gallons of paint you need. (The formula doesn't account for windows and doors, so you should have paint left over for touch-ups.

Painting a kid’s room? Chalkboard paint transforms walls and floors into the perfect place to give free rein to kids' creative impulses. The latex formula of chalkboard paint requires no special primers or sealers.

Storing leftover paint - Stored properly, a can of paint lasts three to five years. Store paint between 60-80 degrees Fahrenheit and avoid placing cans on concrete floors, where they rust more quickly. Write on the can to indicate color, date of purchase, and where used.

With all the attention we tend to want to lavish around the outside of our homes, it's hard to withhold any funds to freshen up the inside. But Doug Chapman at homedaddys.com recently posted a handy punch list of decorating ideas you can accomplish while keeping within a tight budget:

Chapman says one of the simplest ways to add flavor to your new home while being on a budget is to look at the flooring. You don’t have automatically put new flooring in – whether it is carpet or hardwood floors – you could also add a special little touch with an area rug.

Another thing, Chapman says—don’t use all of your financial resources in just one room. Since the kitchen and living room are most popular for gathering—make sure to spread finances out and focus more on those spaces.

At the same time, Chapman says not put all your marbles in those two baskets—save money for the bathrooms, master bedroom and also the common foyer area. You want to make sure to add a little personal touch in each area.

Chapman says when you are looking for furniture on a budget, make sure you don't pass up the clearance/consignment stores. Just because someone used that furniture before doesn’t mean it isn’t ok for you to buy and re-use—just give it a good cleaning.

And, while bedroom furniture is not cheap, Chapman says the mattress is key. Just expect to sink a decent amount into a good mattress you can sink into comfortably.

And the simplest tip for decorating your master bedroom? Chapman says a simple paint job can accents walls and give your place a new and refreshed feel.

Filling your home with comfortable furniture that reflects your sense of style can be a joy for the new homeowner. But it can be a major headache unless you consider the basics for good furniture arrangement.

Home designers at Ethan Allen offer five tips to help get your started:

Plan before you buy – Measure one room at a time and give yourself a little quiz. What do want to do in this room? How many would you like to seat? Less is more, so don’t feel you need to buy every piece available in a suite. Pick three pieces you really want and build the rest slowly, leaving easy-to-manage foot paths.

Zero in on a focal point – This will be the heart of the room. If there’s a fireplace, you will want your seating space to face it and build the rest of the room around it. Perhaps the focal point is a TV screen – or a lovely mirror, a piece of artwork, or a sweeping view of the outdoors.

Encourage conversation – It’s tough when the sofa is against one wall and chairs are placed against the others. Arrange the couch, coffee table and chairs in an inviting cluster away from the walls to create a cozy, more inviting social space.

Be practical about space – You don’t want to hit a lamp when you open a drawer or have your guests hit their knees on the coffee table when they get up. Leave space between pieces – and leaving three feet of walking space around the room will keep guests from knocking into furniture or bumping into the walls.

A room is about first impressions – If you walk into the room and see the back of the couch, mask it with a pretty console table and accessories – or hang a lovely throw over the back of it. You want guests entering the room to see something interesting first. Lamps and other accessories should be eye catching enough to suggest the room is welcoming and inviting.

It’s an unfortunate reality – the potential for giving scams becomes greater in the wake of a tragedy. According to the Better Business Bureau (BBB) Wise Giving Alliance, donors should take care when giving to organizations claiming to support efforts to minimize the aftermath of a tragedy. If you’re considering making a donation, remember to:

1. Give Thoughtfully – Take the time to check out the charity to avoid donating to a questionable or poorly managed effort. The first request for a donation may not be the best choice. Be proactive and find trusted charities that are providing assistance.

2. Check Registration – About 40 of the 50 United States require charities to register with a state government agency (usually a division of the State Attorney General’s office) before they solicit for charitable gifts. If the charity is not registered, that may be a significant red flag.

3. Respect Victims and Their Families – Organizations raising funds should have gotten permission from the families to use either the names of the victims and/or any photographs of them.

4. Verify Where Donations Go – How will your donation help? Watch out for vague appeals that don’t identify the intended use of funds. In addition, unless told otherwise, donors will assume that funds collected quickly will be spent just as quickly. See if the appeal identifies when the collected funds will be used.

5. Look for Transparency – After funds are raised, it’s important for organizations to provide an accounting of how funds were spent. Transparent organizations will post this information on their websites so that anyone can find out and not have to wait until the audited financial statements are available.

6. Exercise Caution with Assistance Funds – Some families may decide to set up their own assistance funds. Be mindful that such funds may not be set up as charities. Make sure that collected monies are received and administered by a third party such as a bank, CPA or lawyer. This will help provide oversight and ensure the collected funds are used appropriately.

7. Note Advocacy Organizations – Tragedies can also generate requests from a variety of advocacy organizations. Donors can support these efforts, but note that some of these advocacy groups are not tax exempt as charities. Be wary of newly created advocacy groups.

8. Avoid Unfamiliar Links – Never click on links to charities on unfamiliar websites or in texts or emails. These may take you to a lookalike website where you will be asked to provide personal financial information or to click on something that downloads harmful malware. Don’t assume that charity recommendations on Facebook, blogs or other social media have already been vetted.

9. Opt for Established Organizations – This is a personal giving choice, but an established charity will more likely have the experience to quickly address the circumstances and have a track record that can be evaluated. A newly formed organization may mean well, but may not be well managed.

10. Review Tax Deductibility – Not all organizations are tax exempt as charities under section 501(c)(3) of the Internal Revenue Code. Donors can support these entities if desired. Contributions that are donor-restricted to help a specific individual or family are not deductible as charitable donations, even if the recipient organization is a charity.

(Family Features) When planning to buy a home, your first of order of business shouldn’t be creating a wish list – it should be reviewing your credit. While it’s possible to buy a home without a mortgage, most people don't have that kind of cash, and your credit is a major factor in lender decisions.

"Before applying for any loan, be sure to check the state of your credit," says CreditRepair.com President Scott Smith. "Owning a home is a big part of the American dream, but home loans can be very complex, and doing all of the proper research from the beginning, including completing any necessary credit repair up front, will make the process that much simpler."

Get a copy of your credit report. You are entitled to one free credit report from each of the three major credit bureaus each year by law. In some states, you are entitled to more than one free report a year.

Analyze your credit report. Carefully scrutinize your report to identify any errors that can help boost your score and request corrections for all erroneous information.

Keep all credit card accounts open. Closing an unused credit card account can actually negatively affect your credit. Fifteen percent of your score is based on credit history.
Make all payments on time. Payment history accounts for a whopping 35 percent of your credit score.

Give yourself time. Good things do come to those who wait. Take the time to repair and build up your credit. It could save you thousands of dollars down the road.

Summertime is ideal for projects around the house to not only prepare for the coming months, but to also add value to your home. "The summer months continue to be quintessential for home maintenance, and it's important to stay on top of projects like inspecting your siding or windows, setting up larger replacements like a new roof, as well as other curb appeal enhancements while the weather is warmer," says Power Home Remodeling Group Vice Presidents of Operations Matt Hess. "Checking the right improvement projects off your to-do list will create the best return on investment for your home and save you money in the future — making life easier leading into fall and then the holiday season."

According to Power, homeowners should focus on completing one or all of these projects before the season ends.

1. Make your home more energy-efficient.

High energy bills during the summer months can be avoided by increasing a home's energy efficiency. Consider investing in new doors and energy-efficient windows that not only reduce expenses, but protect window treatments, floors and furniture from fading. Look for heat resistant windows that are much more effective at keeping heat and humidity at bay. Cut down A/C usage by turning the thermostat up during the daytime hours, or consider installing a programmable thermostat.

2. Beautify your home's exterior.

Enhanced curb appeal has been linked to increased value and return on investment. Inspect your exterior for loose or rotted siding, and consider power washing or repainting if it’s time for a revamp. You may want to consider installing a new roof, as well – the seasonal weather will work in your favor. And don’t forget about refreshing your home's landscaping to complete the new and improved look.

3. Create your own backyard paradise.

Turn your backyard into a getaway and every weekend will feel like a vacation! Consider the atmosphere first. Hang dim LED lights throughout the yard, cut back shrubbery and plant a variety of bright, tropical flowers. Then, think about entertaining. Spruce up summer dinner parties by making sure the grill has been inspected and cleaned and consider installing an outdoor speaker.

4. Bug-proof your home.

Call in an exterminator in the beginning of the season to avoid a run-in with an unwanted guest or an irritating buzz while enjoying your home this summer. Be sure to store trash properly and only throw out food in trashcans with a lid. To prevent entry into your home, make sure screens free of holes are installed on both windows and doors.

Like the rest of the world, the United States’ population is aging. According to the U.S. Census, it is becoming much more common for younger people to take on the role of caregiver – and to invest significant amounts of their own money toward the care of their loved ones, often at the expense of their own financial futures, a recent MassMutual study reports.

“We often refer to the baby boomers as the sandwich generation, but Gen Y and X could be called the ‘club sandwich’ generation,” says MassMutual SpecialCare(SM) Program Director Joanne Gruszkos. “These younger adults are not only trying to get their own lives off to a sound start, perhaps starting a family, while often caring for siblings with disabilities or in some cases, spouses who are injured or disabled veterans, and anticipating caring for an aging parent in the future.”

Whether or not financial support is provided, caregiving requires time away from work that could impact the ability to earn a living. Study respondents who identified themselves as being caregivers indicated they have less time for themselves (47 percent), an increased stress or anxiety level (36 percent) and poor sleep (35 percent). Close to 20 percent of caregivers indicated a financial impact and half say their future financial and/or retirement plans are being impacted.

This outcome can be avoided with advanced planning, says MassMutual. The first step is to have an honest conversation with your family members about their own health care wishes and the plans they may have in place to carry them out. Will they be able to fund their long-term care, or will they rely on you? Having this conversation before being called upon will allow for time to put plans into place.

The next step is to get the information needed to plan. Seek trusted advisors who have special needs experience to guide you through important financial decisions. Identify the person who will care for your loved one and draft a letter of intent that will serve as a guide for that person to provide care, support and other assistance.

Plan ahead for expenses such as housing, education, work opportunities and daily transportation when determining your loved one’s lifetime financial needs. Research federal benefits provided to families affected by special needs. You may qualify.

Lastly, make sure you have beneficiary arrangements and a current will that align with your other planning strategies.

According to Roto-Rooter Plumbing and Drain Service experts, accidental flooding in the home is typically caused by an appliance or plumbing failure, not the weather. If flooding occurs when no one is home – or worse, when occupants are on vacation – the results can be catastrophic. Most incidents can easily cost the average homeowner more than $5,000 in repairs!

To prevent accidental flooding caused by appliance or plumbing failure, conduct a thorough inspection of the:
Basement Sump Pump – Once a month, ensure the sump pump is free of debris and discharging water properly. To test the system, pour a few buckets of water into your sump pit. In a matter of seconds, the pump should discharge the water and shut off by itself. If your sump pump operates frequently, consider installing a battery back-up that will operate in the event of a power outage.

Washing Machine Hose – Many homeowners leave washing machine water supply lines turned on, so if a hose bursts, water can discharge at up to 500 gallons per hour. If you’re machine hoses are more than five years old, replace them with stronger, steel-braided hoses, which last twice as long.
Ice Maker Water Line – Ice maker water lines usually fail because the refrigerator was moved and the line was pinched. Vibration can also damage a water line over time. Inspect lines once a year to ensure the water line is unobstructed. Additionally, consider replacing plastic or copper lines with steel-braided lines, which cost about $10.

Dishwasher Water Supply Line – A dishwasher’s water supply line usually leads from your kitchen sink’s supply faucets beneath the sink. The dishwasher drain hose also runs between the appliance and the sink or disposal. Inspect the line twice a year for signs of wear and tear or evidence of a leak.

Water Heater – Whether failing slowly or suddenly, water heaters are known to rupture. Inspect the tank and all plumbing fittings twice a year, keeping in mind that life expectancy averages 11 years. Check on your water heater more often if it is more than eight years old.

After inspecting, place battery-operated flood alarms (which retail for about $15 each) on the floor near each of these appliances. If water is present, the alarm will sound and allow you time to act sooner. Automatic shut-off valves with their own audible alarms (which retail for about $100 each) can also save thousands in flood cleanup costs. For the best outcome, have a plumber install valves produced by the appliance manufacturer.

The home cleaning industry is rife with companies that outsource work to contract laborers in an effort to control expenses and maximize shareholder earnings. This type of business model puts the homeowner at risk. Why?

Home cleaning companies using contract labor do not have to provide workers compensation. While it assumed the contractor maintains his or her own policies, many gamble against the odds of injury on the job.

“In the unfortunate event that injury does occur, contract cleaning workers may seek (and get) medical reimbursement from the owners of the home they were cleaning when the injury took place,” says Maid Brigade President Bart Puett.

Homeowners may also be liable for Social Security, Medicare and unemployment taxes and penalties for the contract workers who do not make accurate and timely payments to the IRS themselves. Since the contract worker is not employed by the housecleaning company that dispatched them, the IRS may deem that the homeowner is the employer of that cleaner, and therefore responsible for these taxes.

Though the risk of finding a surprise tax bill in the mailbox is slim for most homeowners who hire cleaning help, it is best not to take chances.

When hiring a cleaning company, do your homework. “Homeowners should do their due diligence before hiring a house cleaner or professional cleaning service,” says Ernie Hartong, CEO of the Association for Residential Cleaning Services International (ARCSI). “To avoid the pitfalls that can occur when someone is working in your home, ask to see a copy of the company's business license and insurance policy before hiring. A professional company should gladly provide these to any consumer who asks."